Halliburton profits take hit
US oilfield services giant Halliburton saw its second-quarter profit plunge 48 per cent yesterday as weak exploration and production activity, particularly in the US, hit its results.
The group said net profit came in at $262m (£159m), down from the $504m the company made in the same period last year. Sales slipped 22 per cent to $3.49bn.
Chief executive David Lesar said there was unlikely to be any “meaningful recovery” in demand during the rest of the year.
He said the fall in the price of natural gas in particular had been the main drag on earnings.
Oil and natural gas producers began scaling back exploration and drilling operations last year as crude and gas prices tumbled. A year ago this month oil reached an all-time high of $147 a barrel. Also, cost-cutting steps by oil explorers have hit oilfield services companies hard.